Not necessarily. If you have no children or dependents whom you support financially, you might not need a life insurance policy after all. Life insurance aims to provide a solution for those who seek income replacement, mortgage protection, estate planning, leaving a legacy, or burial expenses. However, if someone you love is dependent on you financially, you need life insurance.

Buying a term life or a combination of term and permanent insurance may help you pay a lower premium. Buying a policy early in life is also a good way to ensure a lower premium.

Health Insurance protects you and your family by providing financial support at the time of medical emergencies. Health Insurance ensures that you do not lose your savings while paying the medical bills.

Yes, car insurance is mandatory in India for many reasons, the first and foremost being the rising number of road accidents in India. The Motor Vehicles Act, 1988 states that every owner-driver is legally required to carry a car insurance policy while driving on the Indian roads. Owner-drivers of the car are required to at least carry a valid third-party car insurance policy.

Any individual who is a resident of India and is the owner or occupant of a property, can purchase a home insurance policy. Also, individuals who are living in a rented accommodation may also apply for a home insurance policy.

Your home is one of your most valued assets and ensuring it is good if some unfortunate incidents happen. However, since this is not mandated like a vehicle loan, many people skip this process. This is especially good given the rapid change in climate conditions.